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Kodak logs decline in revenues, loss in July operating report

Rochester Business Journal

August 29, 2012

Eastman Kodak Co.'s latest monthly operating report with the U.S. Bankruptcy Court, filed Wednesday, shows the company narrowed its loss in July while revenues declined.

Kodak reported a net loss of $78.7 million on revenues of $162.5 million for the period of July 1 to July 31, versus a loss of $160.1 million on revenues of $180.2 million for the period of June 1 to June 30. That also is a bottom-line improvement from a net loss of $88.3 million on $173.6 million in revenues for period of May 1 to May 31.

The company had a gross loss of $3.2 million, compared with a gross profit of $19.2 million in June.

It listed cash and cash equivalents of $438.2 million on July 31, down from $510.2 million on June 30, $574.2 million on May 31 and $617.6 million on April 30.

The financials are contained in monthly operating reports filed to show asset use and cash for the U.S. entities of Kodak that are in Chapter 11. The company filed for bankruptcy Jan. 19. The reports include costs that Kodak is responsible for companywide.

The monthly reports are not comparable with typical quarterly financial reports, Kodak said. It does not provide comparison with the prior year on a comparable basis.

In addition, Kodak cautions that the monthly reports are prepared solely to comply with the bankruptcy court's reporting requirements; they have not been audited and were not prepared in accordance with generally accepted accounting principles.